AI in Manufacturing Market 2020: Global Industry Analysis, Size, Share, Growth, Trends and Forecast To 2027

The global artificial intelligence (AI) in manufacturing market size is expected to rise owing to increasing demand for collaborative robots and growing semiconductor industry. According to Fortune Business Insights, its latest report, titled “Artificial Intelligence (AI) in Manufacturing Market Size, Share & COVID-19 Impact Analysis, By Offering (Hardware, Software, and Services), By Technology (Computer Vision, Machine Learning, Natural Language Processing, and Context Awareness), By Application (Process Control, Production Planning, Predictive Maintenance & Machinery Inspection, Logistics and Inventory Management, Quality Management, and Others), By Industry (Automotive, Medical Devices, Semiconductor &Electronics, Energy & Power, Heavy Metal & Machine Manufacturing, and Others), and Regional Forecast, 2020-2027.”, observes that the market will hit USD 9.89 Billion by 2027,  while exhibiting a promising 24.2% CAGR between 2020 and 2027. This market is expected to witness substantial growth owing to the COVID-19 impact and hence the 2020-2027 CAGR is high/very high, as a large section of industry would look to adopt AI in order to automate the operation with less human intervention.

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The emergence of COVID-19 has brought the world to a standstill. We understand that this health crisis has brought an unprecedented impact on businesses across industries. However, this too shall pass. Rising support from governments and several companies can help in the fight against this highly contagious disease. There are some industries that are struggling and some are thriving. Overall, almost every sector is anticipated to be impacted by the pandemic.

 

We are taking continuous efforts to help your business sustain and grow during COVID-19 pandemics. Based on our experience and expertise, we will offer you an impact analysis of coronavirus outbreak across industries to help you prepare for the future.

 

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Artificial intelligence (AI) is believed to be a game-changing modern technology for the manufacturing industry. Adoption of AI in manufacturing provides multi-faceted benefits such as accurate and rapid data-driven decisions, minimizing of operational costs, optimizing several processes, and improving the overall experience of customer-satisfaction. In addition to this, AI can be easily embedded to the existing products and services offered by the companies to render them reliable, effective, and safe. For instance, in the automotive industry, AI-based technology such as computer vision is used to accurately detect obstructions to prevent road fatalities, while promoting safe driving.

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Regional Analysis:

Increasing Investment for AI-based Platform in Asia-Pacific to Drive the Market

Among the regions, the market in Asia-Pacific that hit USD O.68 Billion in 2019 is expected to hold the highest global AI in manufacturing market revenue during the projected horizon. This is ascribable to factors such as increasing investment for AI-based platforms in countries such as India, China, and Japan in the region.

The market in Europe is expected to be the second-most leading region in the forthcoming years. Countries such as the UK investing a huge sum of about USD 1.3 Billion in developing AI technology will drive the market growth in the region. North America, on the other hand, will witness significant growth owing to increasing investment in R&D activities and growing number of startups for AI technology between 2020 and 2027.

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